Illinois Mortgage Calculator

Mortgage is next to the only affordable option for low to average income home buyers in many parts of Illinois and the rest of the United States. On this page we offer a convenient Illinois home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Illinois.

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Down payment
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Loan term
Y
Interest rate
%
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Interest
$
Principal
$
Total principal & interest$0
Monthly payment$0
Total interest paid$0
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Today's Mortgage Rates Trends in Illinois

Best mortgage lenders in Illinois

The most popular mortgage lenders in Illinois operate nationwide. These include such recognizable names as Gateway Capital Mortgage, Morty Inc, AmeriSave. Several lesser known but trustworthy options include Illinois-based First State Mortgage LLC, Crown Mortgage Company.

How to calculate mortgage payment in Illinois

Use our fast and simple mortgage calculator IL to evaluate your future monthly expenses. A detailed step-by-step instruction follows below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Illinois for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Illinois parameters.

The initial piece of the puzzle involves the cost of your prospective home, commonly referred to as the home price. The down payment represents a fraction of this price that you need to pay upfront. To steer clear of expensive insurance charges, it's crucial to come up with a minimum of 20% down payment, particularly in the case of a conventional loan. The remaining portion constitutes the principal, which accounts for 80% of the home price when a 20% down payment is made.

The loan term denotes the duration required for full mortgage repayment through scheduled payments. Fixed-rate conforming loans typically have a maximum duration of 30 years, whereas adjustable-rate options usually come with shorter terms.

The interest rate represents a fixed or variable percentage of the principal that you are obligated to pay over the course of the loan. It's important to note that you are actually assessed an annual percentage rate (APR), which is not identical to the interest rate. While the interest rate forms the bulk of the APR, the latter also encompasses various additional fees, such as origination fees, closing costs, and insurance payments, among others.

For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in Illinois, given a $400,000 home price and a 10% down payment.

Median property taxes in Illinois counties

Property taxes are another crucial factor to take into account when choosing your future home. In many cases, lenders require the establishment of a mortgage escrow account to ensure that the borrower remains current with both tax and insurance expenses.

County Avg. property tax rate Avg. home value
Adams County $1,580 $128,200
Alexander County $709 $53,200
Bond County $1,665 $115,200
Boone County $3,453 $145,700
Brown County $1,209 $88,600
Bureau County $1,931 $106,800
Calhoun County $1,408 $110,900
Carroll County $1,955 $99,400
Cass County $1,480 $76,800
Champaign County $2,905 $169,200
Christian County $1,307 $87,500
Clark County $1,328 $87,400
Clay County $923 $77,200
Clinton County $2,162 $142,900
Coles County $1,756 $93,800
Cook County $3,681 $247,600
Crawford County $927 $82,900
Cumberland County $1,285 $94,000
DeKalb County $4,267 $169,800
De Witt County $1,495 $98,000
Douglas County $1,774 $102,700
DuPage County $5,417 $308,800
Edgar County $1,122 $80,000
Edwards County $844 $73,500
Effingham County $1,640 $137,300
Fayette County $1,084 $84,000
Ford County $1,806 $100,600
Franklin County $796 $69,900
Fulton County $1,406 $84,800
Gallatin County $553 $71,500
Greene County $1,070 $76,900
Grundy County $3,666 $188,300
Hamilton County $687 $91,500
Hancock County $1,328 $85,100
Hardin County $447 $63,200
Henderson County $1,217 $88,100
Henry County $2,067 $115,800
Iroquois County $2,023 $96,800
Jackson County $1,663 $108,600
Jasper County $1,000 $99,000
Jefferson County $1,228 $92,700
Jersey County $1,712 $135,400
Jo Daviess County $2,137 $143,300
Johnson County $1,084 $96,600
Kane County $5,112 $237,200
Kankakee County $2,839 $151,100
Kendall County $5,365 $239,200
Knox County $1,480 $81,700
Lake County $6,285 $262,600
LaSalle County $2,632 $135,300
Lawrence County $879 $72,400
Lee County $2,239 $116,500
Livingston County $2,278 $109,500
Logan County $1,804 $101,300
Macon County $1,819 $97,000
Macoupin County $1,434 $98,400
Madison County $2,144 $131,600
Marion County $1,169 $71,900
Marshall County $2,003 $103,300
Mason County $1,577 $81,000
Massac County $1,132 $82,500
McDonough County $1,618 $94,600
McHenry County $5,226 $227,900
McLean County $3,076 $167,200
Menard County $2,103 $132,500
Mercer County $1,961 $105,100
Monroe County $3,236 $195,500
Montgomery County $1,316 $81,000
Morgan County $1,674 $103,400
Moultrie County $1,755 $107,500
Ogle County $2,877 $139,900
Peoria County $2,385 $130,900
Perry County $1,158 $80,500
Piatt County $1,987 $128,100
Pike County $1,112 $74,700
Pope County $1,126 $84,100
Pulaski County $526 $63,500
Putnam County $2,049 $120,800
Randolph County $1,196 $99,900
Richland County $1,158 $83,200
Rock Island County $2,240 $117,300
Saline County $920 $70,500
Sangamon County $2,219 $140,100
Schuyler County $1,378 $83,400
Scott County $1,226 $87,500
Shelby County $1,375 $86,800
Stark County $1,587 $85,600
St. Clair County $2,291 $128,500
Stephenson County $2,352 $97,700
Tazewell County $2,320 $140,400
Union County $1,096 $98,600
Vermilion County $1,317 $77,900
Wabash County $1,143 $79,000
Warren County $1,449 $83,900
Washington County $1,780 $108,100
Wayne County $755 $78,600
White County $783 $69,700
Whiteside County $1,993 $102,200
Will County $4,921 $230,300
Williamson County $1,213 $126,600
Winnebago County $3,056 $118,300
Woodford County $2,873 $160,300

Source: American Communities Survey 2016, U.S. Census

Illinois Housing Market 2024

The past year has seen a steep increase in the market value of housing in Illinois. This continues a longstanding trend amplified by the COVID pandemic. Nevertheless, the pace of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the increase for some time and are expected to rise further in the near future.

How do I calculate my mortgage payment?

The most convenient approach is to utilize our calculator, which operates based on a straightforward formula. You can also manually calculate the amount to be paid using the same formula:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Illinois

First, there are several federal agencies (USDA, FHA and VA) that guarantee loans for selected borrowers. Many first-time homebuyers can find options which most fit their budget.

In addition to these government-backed initiatives, it's advisable to explore opportunities offered by the UHC (Illinois Housing Corporation) for residents of Illinois. Specifically, first-time homebuyers meeting the qualifications for an FHA loan with a minimum FICO score of 660 can apply for the FirstHome program. This program extends assistance for down payments and closing costs, covering up to 6% of the loan amount. It's essential to note that this assistance is provided in the form of a 30-year fixed-rate second loan exclusively. If you don't meet the criteria for the FirstHome program, there's no need for discouragement. The Illinois Housing Score Loan presents an alternative, covering up to 4% of the loan amount, with a minimum acceptable credit score of 620.

Here are some valuable tips for first-time homebuyers:

  1. Secure pre-approval in advance to boost your credibility in the eyes of home sellers. It's advisable to obtain pre-approval letters from not just one, but from at least two or three different lenders.
  2. Compare mortgage rates from various lenders. Opt for at least three lenders to give yourself a broader perspective on available options.
  3. Conduct preliminary financial planning based on the pre-approved amount. This will help you map out your future expenses effectively.
  4. Save as much as you can for a down payment, and start saving early. A substantial down payment reduces the principal amount, potentially lowering your overall costs. So, initiating savings in advance is crucial.
  5. If you qualify for a VA loan, consider it as your primary option.
  6. Explore government-backed programs and local assistance initiatives. These may offer enticing incentives, so be sure not to overlook them.
  7. Whenever possible, work on paying off any existing debts to improve your financial standing.

FAQ

How much house can I afford in Illinois?

To see whether a given property is within the limits of your budget, you must know its value and the tentative loan terms. Feed these to the calculator on the current page. Don't forget to account for your other debts, as well. Most advisers suggest keeping your mortgage payment at less than 28% of your monthly income, with total debt under 36%.

What credit rating do I need to qualify for a mortgage loan in Illinois?

There is no definitive answer to this question. For conventional loans, credit scores starting from 620 are generally satisfactory. However, the exact conditions vary widely and include other essential criteria, including your income, current debt amount etc. For government-backed FHA plans, there is no predefined threshold, and each lender has the right to set their own requirements. Typically, a credit score of 500 or better may qualify.

What is the average mortgage rate in Illinois?

At the time of writing, the average rates for conventional fixed-rate mortgages are 7.2940% and 6.5460% for a 30-year and a 15-year loan term, respectively.